Exxon Mobil must allow climate change vote - SEC

Source: Reuters

Wed Mar 23, 2016 6:22pm EDT

Exclusive: Exxon Mobil must allow climate change vote - SEC

BY ERNEST SCHEYDER

The U.S. Securities and Exchange Commission has ruled Exxon Mobil Corp (XOM.N) must include a climate change resolution in its annual shareholder proxy, a defeat for the world's largest oil producer, which had argued it already provides adequate carbon disclosures.

In a Tuesday letter to Exxon seen by Reuters, the SEC said the oil producer cannot keep a proposal spearheaded by New York state's comptroller from a full shareholder vote at the company's annual meeting in May.

If approved, the proposal would force Exxon to outline specific risks that climate change or legislation designed to curb it could pose to its ability to operate profitably.

Exxon had argued that the proposal was vague and that it already publishes carbon-related information for shareholders, including a 2014 report on its website entitled, "Energy and Carbon – Managing the Risks."

The SEC found those reports do not go far enough.

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Read more: http://www.reuters.com/article/us-exxon-mobil-shareholders-exclusive-idUSKCN0WP2TG